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2. the internalization of external costs
3. the fact that costs accrue solely to the individual, but the benefits
go to the society as a whole
4. the fact that benefits are shared in common
5. the fact that most people are cranky
Question 11 (1 point)
One of the reasons why communism failed in the S oviet Union is
because, under communism,
1. no one has a property right to anything, so there is little incentive 2.
3.
4.
5. to use resources efficiently
there are high rates of unemployment and homelessness
there is a high degree of economic freedom
planners have all the information necessary to make efficient
decisions
there is a high degree of political freedom Question 12 (1 point)
Which of the following is an example of the problem of common
ownership?
1.
2.
3.
4.
5. Acid rain
The extinction of the American bison
Clear-cutting of Brazilian rainforests
Excessive hunting of African elephants and Asian rhinos
All of these Question 13 (1 point)
For public goods,
1...
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